giganova
Well-known
Have you insured your gear? I'm mostly worried about theft and would like to have your take whether an insurance might make sense, what the costs are, and what insurance companies are out there.
Thanks!
Thanks!
Insurance?
- Thread starter giganova
- Start date
- Latest activity Latest activity:
- Replies 32
- Views 811
kxl
Social Documentary
As part of my homeowner's insurance policy, my camera gear is insured (up to a maximum amount), as long as I do not use it professionally.
coelacanth
Ride, dive, shoot.
I usually have certain amount of purchase protection and travel insurance coverage through credit cards, and my renter's insurance will cover my camera gear. Thankfully I haven't used any of that so far. (knocking on wood)
bob338
Well-known
I am currently paying about $800 a year to cover about $80k worth of equipment.
Seems expensive until your bag with a body and three lenses walks away.
I think it's worth it.
I should add that I use State Farm for a 'Personal Articles' policy. Everything is recorded with them; serial numbers, value, etc. I'm insured for new replacement value with inflation factored in yearly. The rare stuff(black M3, etc) has been appraised by a dealer and is insured for that amount.
Seems expensive until your bag with a body and three lenses walks away.
I think it's worth it.
I should add that I use State Farm for a 'Personal Articles' policy. Everything is recorded with them; serial numbers, value, etc. I'm insured for new replacement value with inflation factored in yearly. The rare stuff(black M3, etc) has been appraised by a dealer and is insured for that amount.
lynnb
Veteran
My cameras are insured at a specified value per item in my homeowner's insurance - at a small extra cost. Worth it for the peace of mind, but IMO only for items you couldn't afford to replace in the event of an accident or loss/theft. For those sitting on the fence, I'd recommend you look into it. You never know when an unfortunate event will happen!
michaelwj
----------------
As a listed item insured anywhere in Australia with my home insurance. Costs about $80/year for about $6500 of gear. For cheaper items I don't bother, trivial to replace.
When I travel it's all on my travel insurance.
When I travel it's all on my travel insurance.
sepiareverb
genius and moron
Through Maine Mutual, and the best benefit is not having to buy shipping insurance when items go in for repair. I sent a Rollei to DHW a few years back, saved my entire premium on that alone.
willie_901
Veteran
- Property insurance policies always have deductibles. This means your gear's appraisal value has to be relatively high to benefit from coverage. I am not familiar with policies with total replacement coverage. While these are quite expensive, they probably exist. A curated camera/lens collection has to be professionally appraised to support a claim.
- Insurance is important. In general one should buy coverage for life changing events. A life changing event could be one where the loss results in a fundamental, unbearable financial disruption. Otherwise it makes more economic sense to be self-insured.
- My concern involves potential expenses to defend frivolous law suits. Completely legal display or publishing photographs could result in an unfounded lawsuit. Even gratuitous lawsuits have to be defended. So I have a small private business policy that covers my gear but more importantly provides coverage for legal expenses. The cost is minimal (less than $400/yr). In my circumstances I can financially survive $2-3 K gear loss. Defending a law suit is much more expensive and would be a financial burden.
sepiareverb
genius and moron
Yes, there is the deductible, but even so, having replacement cost In the policy allows me to replace the equipment with used and end up back where I was after the deductible as most of my gear is used.
giganova
Well-known
I have a home owners insurance as well and will add a rider for the camera gear.
My concerns was more when the gear is not in the house. I'm "on the road" all the time and the typical travel insurance is not a big help for me because I fly all the time and make extensive road trips.
What insurance companies would cover travel?
My concerns was more when the gear is not in the house. I'm "on the road" all the time and the typical travel insurance is not a big help for me because I fly all the time and make extensive road trips.
What insurance companies would cover travel?
Vince Lupo
Whatever
Are you operating as a business or just personal? Business insurance for equipment should cover 'all peril'. My equipment is covered under my business insurance, individually listed items with replacement cost (so what the item orginally cost). If the item is discontinued/outdated, they would replace with whatever the current equivalent would be. Plus if I'm on the road and anything should happen, it is covered. Also for any repair (over the initial deductible of course). Definitely worth it, particularly for someone in business.
Beemermark
Veteran
Normal home owners insurance coverage with full replacement.
About 10 years ago had a beat up M4, 50 Summicron V1, 35 Summicron, 90 Tele-elmarit and some other gear stolen from my trunk. $1000 deductible. For a $1000 I got a brand new M7, and all new lenses, filters, hoods, etc. had to file a police report, nothing else. Listed what was stolon on the police report and gave a copy to the insurance company.
If you are a professional photographer or otherwise engaged in business (as demonstrated by having a business license and paying the appropriate business taxes) then home owners won't cover you.
If you have collectible camera gear (say my M4 was a pristine rare black model that belonged to the Queen) then you need to buy a rider, get an appraisal and insure it for the appraised amount.
About 10 years ago had a beat up M4, 50 Summicron V1, 35 Summicron, 90 Tele-elmarit and some other gear stolen from my trunk. $1000 deductible. For a $1000 I got a brand new M7, and all new lenses, filters, hoods, etc. had to file a police report, nothing else. Listed what was stolon on the police report and gave a copy to the insurance company.
If you are a professional photographer or otherwise engaged in business (as demonstrated by having a business license and paying the appropriate business taxes) then home owners won't cover you.
If you have collectible camera gear (say my M4 was a pristine rare black model that belonged to the Queen) then you need to buy a rider, get an appraisal and insure it for the appraised amount.
Darthfeeble
But you can call me Steve
My homeowner's covers theft home and abroad. They offer a policy for damage too but I chose not to take it. As I get more clumsy in my dotorage, I might have to reconsider.
Larry Cloetta
Veteran
I have had an opportunity to test all this quite recently. I am only an expert on that experience, and that insurance company, nothing else, but my experience might be helpful to others.
I had around $11,000 (used, not new value) worth of camera equipment stolen from my vehicle while I was out of town. Car locked and unattended for around three minutes while I went back to my motel room for the rest of my luggage. Filed and amended police reports over the next three weeks; total time involved around 20 hours.
The only remotely relevant insurance I had was home insurance through State Farm, the most basic policy, home woefully uninsured. There are no extra riders to the policy for itemized valuables of any kind. I filed a claim with them. They did not use the data on the police report as to the itemized worth of the items; I had to do that all again in a different format for them. However, without the police report, nothing would be done.
Dealt with 7 different agents over a period of a month, and a lot of time dealing with voice activated automated systems. Total time ferreting out and filing claims with State Farm around another 20 hours.
Result is I will recover around $4,500 to $5,000 for which I am extremely grateful. I was expecting nothing, and outside of dealing with voice activated systems, and getting shuffled from agent to agent, they were extremely considerate.
There was a $5,000 deductible on the policy which accounts for most of the difference. This fact is not in writing anywhere on my policy, which is interesting. And nothing used for business would be covered, which was written in the policy.
I had to provide State Farm with serial numbers and receipts for every item on the claim form. The most important thing I learned, and the main reason I am posting this here, is that I would not have been reimbursed in the slightest for any item for which I could not have provided a receipt. Luckily, I had receipts for almost everything. No police report, No receipt, no money, period.
So, even if you have not been responsible enough to put an itemized, extra cost rider on your policy, you might be covered, and......
Save your receipts!
Beemermark
Veteran
I had State Farm once and my recommendation is to find another insurance company. I only deal with my local agent and let him deal with the office. Keeping receipts for everything I own is not only impossible but unreasonable.
The important thing (and it sound like you were) is to be insured for full replacement value. This is everything you own.
noisycheese
Normal(ish) Human
I ended up getting insurance through ASMP's Prosurance program with Taylor & Taylor Insurance Co. Each piece of equipment is listed on a schedule form and you can insure it for replacement cost, which you also list. When the replacement cost of your equipment goes up due to price increases, you can raise the coverage of your equipment to address the price increase. There is no depreciation of your equipment based on age or condition if you have to file a claim.
Depreciation is a game that insurance companies love to play to minimize their payout on claims and screw their paying clients in the process. You have to be on the lookout for that - particularly if your camera gear is covered by your homeowner or renter's insurance. Read the fine print and don't rely on the integrity and honor of your insurance company; the vast majority of them have neither.
Depreciation is a game that insurance companies love to play to minimize their payout on claims and screw their paying clients in the process. You have to be on the lookout for that - particularly if your camera gear is covered by your homeowner or renter's insurance. Read the fine print and don't rely on the integrity and honor of your insurance company; the vast majority of them have neither.
Nathan King
Established
Considering I make a portion of my income using my photography equipment, yes insurance is a must.
Dogman
Veteran
I have a camera rider on my home owner's insurance. It doesn't cover everything I own but it does cover the equipment I use the most or the equipment that's most valuable. The older, less valuable equipment would have to be claimed on the regular homeowner's policy should I incur a loss.
And, no. I don't have receipts for everything. I've been doing photography for over 40 years and I agree that expecting someone to have a receipt for a Nikon F2 purchased new in 1974 is unreasonable.
And, no. I don't have receipts for everything. I've been doing photography for over 40 years and I agree that expecting someone to have a receipt for a Nikon F2 purchased new in 1974 is unreasonable.
Hogarth Ferguson
Well-known
I have always looked for a way to insure my gear separately than on my homeowners, whomever mentioned the state farm personal items, I'm calling up an agent this week. Thanks.
kxl
Social Documentary
In general, the two common types of insurance for non-professional camera are:
1) Personal property endorsement as part of your homeowners insurance. Losses are typically paid at a replacement cost after you meet your deductible -- same treatment as someone stealing your 4K 85-inch TV. Pictures and serial numbers should suffice as evidence, although receipts do not hurt.
2) Camera-specific insurance, where each piece of gear is appraised for replacement cost -- so yes, an appraisal is required. Losses are paid with NO deductible to be met. An appraiser will specify specific documentation. There is typically a max limit for this type of insurance.
The first category would put a value of $500 on the S3m; the second category may not apply if it exceeds the typical max coverage insured by such a policy.
In your example, the insurance company may treat it not as a camera per se, but rather a collectible, such as rare coins, etc... That's a whole different world.
